First Graphene Ltd. — Capital/Financing Update 2003

Nov 5, 2003

TOLHURST NOALL GROUP LTD

A.C.N 007 870 760

Level 29, 35 Collins Street, Melbourne Victoria 3000 Australia Telephone: (03) 9242 4000 Facsimile: (03) 9242 4040

TNL

6 November 2003

Companies Announcements Office Australian Stock Exchange Limited Exchange Centre 20 Bond Street SYDNEY NSW 2000

Dear Sir/Madam,

TOLHURST NOALL GROUP LTD

Sale of Tolhurst Funds Management Pty Ltd

Tolhurst Noall Group Ltd (Tolhurst) announced today that, as part of the sale of Tolhurst Funds Management Pty Ltd (TFM) by its shareholders, the Tolhurst group of companies has sold its 50% interest in that business. The purchaser of TFM is Wright Global Asset Management Pty Ltd.

The gross consideration to Tolhurst for its share of the sale proceeds, before expenses of the sale, will be paid in two parts, with \$1 million being paid on completion of the sale arrangements and, after twelve months, a further amount of approximately \$1 million. The amount of the second payment is subject to adjustment in certain circumstances including where there is a decline in funds under management and insurance product income in the post completion period.

Yours faithfully,

CRAIG GRAHAM-SMITH Company Secretary